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Ukrainian PM sets GDP growth target at 4-5 per cent

The government wants to move away from the raw material economy.

Ukrainian PM sets GDP growth target at 4-5 per cent
Photo: Photo: kmu.gov.ua

Ukraine's Prime Minister Volodymyr Groysman tasked his government to provide an annual GDP growth of at least 4-5%.

"We must build a strong and competitive economy. We must ensure an annual steady growth of at least 4-5% of GDP. Importantly, we must move away from a resource-oriented type of economy," the head of government said during the presentation of the government's medium-term plan until 2020 at a Cabinet meeting on 3 April.

Ukraine's economy grew 2.3% in 2016 over the previous year.

The forecast for GDP growth in 2017 has been reduced from 2.8% to 1.9% due to the transport blockade of the occupied part of Donbas and the loss of businesses located there.